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Friday, 6 September 2013

Malaysia: KL to be Islamic wealth management hub

KUALA LUMPUR (Sept 4, 2013): The Securities Commission (SC) aims to position Malaysia as an Islamic wealth management centre, a target that is highly feasible because of the country's high savings rate.

Chairman Datuk Ranjit Ajit Singh said to this end, steps were being taken to create a certain number of intermediaries in the area.

"This is the effort that we are collectively pursuing now. The strategy is that we are getting some firms to come in," he said at a public lecture today.

The lecture, titled "Positioning Malaysia as an Islamic Wealth Management Marketplace -- A Regulator's Perspective", is organised by BNP Paribas Malaysia Bhd and the International Centre for Education in Islamic Finance.

Ranjit said this in response to a question on how Malaysia could be an Islamic wealth management centre.

As of July 2013, there were 19 licensed Islamic fund management companies in Malaysia, according to the SC's website.

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